Takeover target David Jones is trying to ascertain the identity of shareholders that have claimed close to 10 per cent of the retailer’s stock, according to The Australian Financial Review.
On Friday it was revealed that interests of Solomon Lew had claimed 0.65 per cent in the retailer, which is currently the subject of a $ 2.15 billion takeover bid from South Africa’s Woolworths.
The reaction to news of interest from Mr Lew forced stock in the company to a three-year high above the Woolworths offer price on Friday.
However, it is not the only register move of interest, with reports that David Jones is hoping to trace the buyers behind a 6.7 per cent stake held by Deutsche Bank and the identity of new shareholders from the trading of 15 million shares on Friday.
Sources told the newspaper that Woolworths and David Jones were worried about Mr Lew gaining a stake significant enough to block the bid, with prominent David Jones shareholder BT Investment Management querying his motives.
“I don’t really understand why he has waited for the company to be bid for at $ 4 before buying,” BTIM portfolio manager Sondal Bensan told the AFR. “I am not even sure why he would want to block the bid.”